Circuit Breakers Market 2019: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2024
Category: #business  By Partha Ray  Date: 2019-10-21
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Circuit Breakers Market 2019: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2024

The increasing importance imparted to effective electricity distribution has been a major factor driving circuit breaker market size. That is to say, presently, if electricity supply experiences a letdown even for a day, the functioning of numerous commercial and industrial establishments comes to a standstill. The rising occurrence of workplace accidents at the power generation facilities and commercial industries due to the failure of electricity distribution systems has also raised importance for the use of circuit breakers.

In this regard, the organizations like the Occupational Safety and Health Administration (OSHA) have also been deploying strict regulatory norms to improve the safety of employees at the workplace. In order to comply with a stringent regulatory scenario, most of the companies have heavily deployed circuit breakers that has impacted the product demand.

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The innovation brought about in product development and the numerous R&D activities of electronic companies will have a remarkable impact on the future business trends in the circuit breaker market. In order to strengthen the market position in the strict regulatory scenario, companies have been setting newer standards to meet consumers’ demand. The emergence of new technologies will further generate lucrative opportunities for the industry contenders. For the record, by the end of 2024, circuit breaker market will surpass a revenue collection of USD 21 billion.

Another circuit breaker industry contender, Schneider Electric has also invented a newer version of circuit breakers which allow for smartphone connectivity. Through the smartphone connectivity feature, the company can carry out maintenance work rather efficiently. As the world is moving toward the large-scale adoption of digitalized, electric, decarbonized, connected, and decentralized facilities, the advent of such smart products is becoming more popular.

Circuit Breakers Market, Growth drivers

  • North America, Europe
    • Expansion of smart grid networks
    • Refurbishment & retrofit of existing grid infrastructure
  • Asia Pacific
    • Rising peak load demand
    • Expansion of micro-grid networks
    • Grid stability & security of supply concerns
  • Middle East, Africa and Latin America
    • Increasing electricity demand
    • Integration of a sustainable energy infrastructure

The product demand from heavy industrial sectors like mining and construction have also imparted a considerable influence on the industry trends. In the mining industry, circuit breakers have been used in an environment where combustible gases are present. Circuit breakers are also used in the underground mining equipment to maintain safety while feeding electric power. The primary use of circuit breakers in the mining equipment for offering economic and safer load connections between an electric source and underground mining equipment is poised to augment the market size over the years ahead.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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